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There is always a situation during the course of life wherein you are short of money. You need to take help of outside finance and get things going. Savings might not be enough or that must be saved for some other purpose. Financial emergencies are unforeseen, and one needs to know what options can be used in such a situation.
6-months loans are nothing but a short-term personal loan wherein the tenure of the loan is limited to 6 months. There are several lenders who offer personal loans within that tenure for short-term financial emergencies.
This is also known as payday loans which is quite popular in the USA and the United Kingdom. Payday loans help in short-term financing however are quite expensive as well due to high interest rates.
About 6-Month Loan
Short-term finance has gained popularity in the recent years. This is due to the realization of taking a loan to meet the needs instead of spending savings and trying to refill it. Some of the features of short-term finance like 6-month loans are:
Short term financing options have not fully blossomed in India. Payday loans are not yet available in India. One can get short term financing through private lenders or from the non-regulated financial lenders society. Loans like payday loans are quite expensive by nature due to high interest rates. In India, it is preferred to give loan to someone who has regular source of income and can provide security for the loan. Banks have a tough task trying to check the background details of the applicant before offering a loan. The case of defaults is high in the country. Hence, it is not practical to offer an unsecured loan for a short-terms as the overall scenario of debts will go up. While people from weaker economic backgrounds should ideally benefits from this type of loan, the risk of defaulting the loan is much too high.
Personal loans are easily available as a short-term finance. It is an unsecured type of loan and therefore, does not need any collateral. Banks normally do a quick check of the background and the age of the applicant before offering this loan. A personal loan helps in plugging an immediate financial need without taking much burden in repayments. This loan normally has a repayment period ranging between one and five years.
One of the main reasons for the increasing popularity of this loan is the rise in employment rate in urban India as well as higher disposable incomes.
1. What is a personal loan?
Personal loan is an unsecured loan that is available very quickly. It can be used for any purpose. It attracts a higher rate of interest than other loans.
2. What is the interest rate on 6-months loans?
The rate of interest on 6-months loans varies from bank to bank and hovers in the region of 16% to 22%.
3. What age group is eligible for a 6-month loan?
Anyone between the ages of 21 and 60 years can apply for a 6-month loan.
4. Are payday loans available in India?
Payday loans are not yet available in India. It exists only in the western countries.
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